Do you have positive or negative equity in your house? You’d be surprised how many people just don’t know. What I mean by positive or negative equity is this.
If you owe more than the house is worth, you have negative equity. If the house is worth more than you owe, then you have positive Equity. Sounds simple. Sure it is. But how do you know exactly what your house is worth?
The simplest way is to call a good Realtor and ask them to help. Here’s a better idea, call us, Bunny and Art. After all you’re reading our blog, give us a call we can help. We can give you an idea of what your home is worth in today’s market. We can also tell you approximately what it would cost you to sell the house.
What do I mean by this? You will incur certain expenses when you sell your home. You will have attorney fees, you’ll have the realty brokerage fees, and you’ll have some various taxes. But if we tell you what the place should sell for, and we can tell you what these selling expenses will be, then all you will you need to do is subtract from that number what your mortgage amount is. And then you’ll know.
And knowing where you stand is a good thing.